Apartment Report

Year Ended 2018-12-31

120 East 36 St
#8H
New York
NY 10016

Stimson Owners Corp.

Financial Statements

BALANCE SHEET

BALANCE SHEET
ASSETS
Current Assets
Cash in bank- operating accounts 2,256
Shareholders' arrears receivable 234
Miscellaneous receivables 93
Prepaid expenses (Page 12) 286
Contract work in progress (Note 13) 1,832
Reserve fund (Page 12) 8,426
Total current assets 13,127
Land, Building and Equipment (Note 2)
Land 34,607
Building 103,822
Building improvements 31,532
Fixed equipment 354
Oil burner 349
Total land, building and equipment 170,665
Less: accumulated depreciation 116,933
Net land, building, equipment 53,732
TOTAL ASSETS 66,859
LIABILITIES
Current Liabilities
Accounts payable and accrued expenses (Page 12) 3,557
Maintenance received in advance 141
New York State Franchise tax payable (Note 5) -0-
Shareholders' deposits payable 148
Mortgage note payable- current (Note 3) 2,426
Total current liabilities 6,272
Long Term Liabilities
Mortgage note payable. (Notes 3 & 12) 23,725
Total long term liabilities 23,725
Total liabilities 29,997
STOCKHOLDERS' EQUITY
Capital stock- par value $1.00, authorized 70,000 shares, issued and outstanding 67,164 shares 1,045
Paid in capital 110,113
Accumulated deficit (74,296)
Total stockholders equity 36,862
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 66,859

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT

STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
REVENUE
Tenant-Stockholder maintenance charges (Note 2) 26,598
Shareholder operating assessment (Note 9) 2,289
Laundry income 149
Interest and dividend income 84
Late charges and miscellaneous income 17
Total Revenue 29,137
EXPENSES
Administrative expenses (Page 13) 2,286
Operating expenses (Page 13) 8,664
Maintenance expenses (Page 14) 3,760
Taxes (Page 14) 13,536
Financial expenses (Page 14) 1,052
Total Expenses 29,298
Net (loss) income before insurance proceeds, depreciation, and loss on securities (161)
Add: Insurance proceeds (Page 14) 301
Less: Depreciation (Page 14) (1,098)
Less: Realized loss on securities (Page 14) (120)
Net (loss) gain after insurance proceeds, depreciation, and loss on securities (1,077)
Beginning accumulated deficit (73,219)
Ending accumulated deficit (74,296)